Knowledge Base

13229: 1098 - Splitting Mortgage Interest

1040 Individual

The interest on the 1098 needs to be split between more than one schedule. How can I split the amounts out to each schedule?

Create two 1098 screens. Point each screen to a separate schedule using the For field at the top of the screen. Enter that part of the total intended for the designated schedule on each screen. The software cannot split the income to separate schedules from one 1098 screen.

For example, a 1098 with total mortgage interest received of $5,000, of which $2,000 should go to Schedule A, and $3,000 to Schedule E:

  • On the first screen 1098, select A from the For field drop list and enter $2,000.
  • On the second screen 1098, select E from the For field drop list and enter $3,000.

Note: If you use the DEDM Deductible Mortgage Interest screen, do not use any of the 1098 screens. Return Note 634 generates if you have made entries on both screens. 

If screen 8829, is being used to calculate interest for one schedule with the remainder flowing to Schedule A, screen 1098 should not be used to split amounts.

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